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CNOOC Energy Technology & Services Limited (600968) Fair Value & Analysis

Energy · CN · Market cap 39.3B CNY

CE CNOOC Energy Technology & Services Limited 600968 · SHG
Price¥3.87
Fair Value¥3.21
Upside-17.2%
Quality61/100
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Mixed Growth
Thin margins · 7.9% net margin
Low debt · generates free cash flow
3.78% dividend yield
Ranks above peers (12/14)
Moderate moat 45/100
Evidence: High Range ¥2.40 – ¥4.01 Share as image

Fair value as of: Aug 9, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 9, 2026, revised from ¥5.35 to ¥3.21 (−40.1%) since Jul 11, 2026. Share price +10.6% over the past month.

A solid business, but screening 17% overvalued on our models.

What matters now

  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from ¥2.40 (bear) to ¥4.01 (bull), base ¥3.21. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 61/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

¥5.63 ¥2.14 Fair Value ¥3.21 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 9, 2026.

How to read this chart

60‑month range ¥2.14 – ¥5.63 · fair‑value band ¥2.40 – ¥4.01 · the ¥3.87 price screens above the ¥3.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 9, 2026.

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Analysis

CNOOC Energy Technology & Services Limited (600968) currently trades at ¥3.87, while our model-based Fair Value estimate is ¥3.21, implying the stock looks roughly 17.2% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, CNOOC Energy Technology & Services Limited generated revenue of 50.0B CNY at a net margin of 7.9%. Revenue declined 3.2% year over year. It earns a return on equity of 13.6%. The balance sheet holds a net cash position of 4.5B CNY. Fundamentals as of Aug 9, 2026

Our scenario range runs from ¥2.40 (bear case) to ¥4.01 (bull case); at ¥3.87, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -36% fair-value upside, at -17%, 600968 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥4.44 ¥6.30 ¥8.97 80
Residual Income ¥2.78 ¥3.40 ¥7.39 76
Rev-Margin DCF ¥4.48 ¥6.86 ¥9.60 74
All 26 models by family
DCF Models
FCF DCF ¥4.37 ¥6.48 ¥9.69 38
Owner Earnings ¥5.60 ¥8.39 ¥12.66 31
5Y Revenue Exit ¥4.48 ¥6.87 ¥9.91 39
5Y EBITDA Exit ¥3.79 ¥5.58 ¥7.63 41
5Y P/E Exit ¥4.25 ¥6.44 ¥8.73 38
10Y Revenue Exit ¥4.28 ¥6.45 ¥9.37 36
10Y EBITDA Exit ¥3.97 ¥5.56 ¥7.63 37
10Y P/E Exit ¥4.26 ¥6.16 ¥8.47 35
Earnings-Based
Graham-Dodd ¥2.60 ¥8.13 ¥10.82 54
Lynch FV ¥1.77 ¥2.53 ¥3.29 50
PEG = 1.0 ¥1.77 ¥2.53 ¥3.29 46
EPV ¥4.15 ¥4.74 ¥5.25 59
Dividend Discount
Gordon GGM ¥1.24 ¥2.58 ¥4.09 70
DDM Multi-Stage ¥1.24 ¥2.05 ¥2.70 61
Multiples
P/E Multiple ¥4.01 ¥5.35 ¥6.69 63
P/S Multiple ¥4.45 ¥5.93 ¥7.41 58
P/B Multiple ¥3.93 ¥5.24 ¥6.55 55
EV/EBIT ¥4.00 ¥5.13 ¥6.26 53
EV/EBITDA ¥3.83 ¥4.90 ¥5.97 54
EV/Revenue ¥4.72 ¥6.48 ¥8.24 43
Asset-Based
NCAV (Graham) ¥1.45 ¥1.95 ¥2.91 50
Growth DCF
Growth DCF ¥4.44 ¥6.30 ¥8.97 80
Rev-Margin DCF ¥4.48 ¥6.86 ¥9.60 74
Economic Profit
Residual Income ¥2.78 ¥3.40 ¥7.39 76
ROIC Compounder ¥4.38 ¥5.41 ¥6.65 72
Growth Earnings
Growth-Adj P/E ¥3.50 ¥5.00 ¥6.50 68

Widest divergence: DCF Models (¥6.44) versus Asset-Based (¥1.95). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 50.0B CNY
Revenue growth (YoY) -3.2%
Net margin 7.9%
Return on equity 13.6%
Free cash flow 3.4B CNY FY2025
P/E ratio 10.0
More key figures
Operating margin 8.2%
EPS (TTM) ¥0.3900
Dividend yield 3.8%
EPS growth (YoY) +7.4%
Net cash 4.5B CNY FY2025

Figures from reported company fundamentals · as of Aug 9, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 62 · Market factors (momentum, volatility) 40

Profitability 49
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

CNOOC Energy Technology & Services Limited operates as an offshore and onshore oil and gas production company in China and internationally.

Full company description

CNOOC Energy Technology & Services Limited operates as an offshore and onshore oil and gas production company in China and internationally. The company offers energy technology services, including oilfield engineering technology services, equipment manufacturing and maintenance services, and oil production services; technical services to oil and gas companies, including engineering and technical services, equipment design, manufacturing and operation, maintenance services, and integrated oil and gas field production services; oil field recovery rates; supervision and inspection; oil field operation support; unconventional oil and gas integrated services, and equipment and facilities operation and maintenance integration; and FPSO production and operation. It also provides low-carbon environmental protection and digitalization services, which focuses on the development of technologies and services, such as safety and emergency response, energy conservation and environmental protection, water treatment, green coatings, cold energy utilization, and digitalization, as well as engages in offshore wind power related activities. In addition, the company offers digital technology, green energy, and green product supplies. Further, it provides energy logistics services, including support services for the production process and downstream sectors of the offshore oil industry; logistical support for offshore oil and gas field development through offshore material supply and catering services; assistance services for oil companies in offshore oil and gas transportation through coordination services; and distributes oil and gas by-products through sales services. The company was founded in 2005 and is headquartered in Beijing, China. CNOOC Energy Technology & Services Limited operates as a subsidiary of China National Offshore Oil Corporation.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CNOOC Energy Technology & Services Limited reported revenue of ¥50.2B in FY2025 versus ¥38.7B in FY2021, a compound +6.7%/yr. Reported net income was ¥3.9B in FY2025, compounding +31.9%/yr from FY2021.

Growth Quality 71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
50.2B CNY
Latest YoY
−4.3%
Avg. growth/yr (3Y)
+1.7%
Avg. growth/yr (5Y)
+8.6%
Avg. growth/yr (12Y)
+3.2%
Revenue +6.7%/yr
FY21 ¥38.7B
FY22 ¥47.8B
FY23 ¥49.3B
FY24 ¥52.5B
FY25 ¥50.2B
Net income +31.9%/yr
FY21 ¥1.3B
FY22 ¥2.4B
FY23 ¥3.1B
FY24 ¥3.7B
FY25 ¥3.9B

600968 screens 17% overvalued. Compare with SLB N.V →

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Cite: Fair Value Calculator (2026). "CNOOC Energy Technology & Services Limited Fair Value". https://www.fairvalue-calculator.com/stock/600968

Peer Group

Oil & Gas Equipment & Services · 191 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 61 · Top 25%
Fair Value upside −17% · Above median
Return on equity (TTM) 14% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth -3% · Below median
Dividend yield (TTM) 3.8% · Top 25%
Debt / equity 0.08× · Lower than median

Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than 75% of peers
P/B 1.33× · Pricier than median
P/S (TTM) 0.79× · Cheaper than median
P/FCF 1.7× · Cheaper than median
EV/EBITDA 5.3× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 10 · sector 0
FUTURE 0 · sector 0
PAST 54 · sector 28
HEALTH 96 · sector 92
DIVIDEND 76 · sector 31

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Aug 9, 2026).

Stock Price Fair Value vs Fair Value
SLB N.V SLBN 836.00 MXN 533.97 MXN -36%
Baker Hughes Company BKR $55.95 $33.55 -40%
TechnipFMC plc FTI $74.57 $27.57 -63%
Halliburton Company HAL $35.22 $21.50 -39%
Tenaris S.A TS $57.16 $45.68 -20%
Yantai Jereh Oilfield Services Group 002353 ¥138.79 ¥34.17 -75%
Saipem SpA SPM €4.20 €2.72 -35%
Subsea 7 S.A SUBC kr 319.00 kr 227.98 -29%
China Oilfield Services Limited 601808 ¥12.08 ¥12.64 +5%
Gaztransport & Technigaz SA GTT €188.10 €95.01 -49%

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Frequently asked questions

Is CNOOC Energy Technology & Services Limited (600968) overvalued or undervalued?
As of Aug 9, 2026, our model estimates a fair value of ¥3.21 versus a price of ¥3.87, about −17% (overvalued).
What is the fair value of 600968?
Our model-based fair value for CNOOC Energy Technology & Services Limited is ¥3.21 (as of Aug 9, 2026), built from audited fundamentals. The current price is ¥3.87.
What is the quality score of 600968?
CNOOC Energy Technology & Services Limited has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CNOOC Energy Technology & Services Limited (600968)?
CNOOC Energy Technology & Services Limited reported trailing-twelve-month revenue of about 50.0B CNY (latest available figure, as of Aug 9, 2026).
What is the net profit margin of 600968?
The net profit margin of CNOOC Energy Technology & Services Limited is about 7.9%, meaning it keeps roughly 7.9% of revenue as net income. Based on the latest reported figures.
Does CNOOC Energy Technology & Services Limited pay a dividend?
CNOOC Energy Technology & Services Limited currently shows a dividend yield of about 3.78% relative to its recent price (as of Aug 9, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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